Bitcoin recorded a critical close above $74,400 last week, paving the way for continued recovery in the coming weeks.
Notably, expert analysis from Sykodelic highlights that this level sits at the center of the broader market structure. His recent X post explains why the $74,400 level is important and how it could shape Bitcoin’s price in the coming weeks.
Key Points
- Bitcoin closed last week at $77,020, holding within the bull market support band (BMSB).
- Last week’s dip to $74,156 marked a retest of the break of the structure point at $74,400.
- Bitcoin could still produce another brief move lower this week before attempting a stronger bullish continuation in June.
- The Bitcoin macro bottom is in, with $60,000 seen as the cycle’s base.
Bitcoin Holds Key Higher Timeframe Support
Bitcoin ($BTC) closed last week at $77,020, recovering considerably from the intra-week low of $74,156. Per the analysis, this is within the bull market support band (BMSB).
An accompanying chart shows that holding above this band has driven some major Bitcoin rallies. A scenario occurred in November 2024, when $BTC held above the BMSB before its explosive price action from around $62,000 to $108,000 in December 2024.
At the same time, Bitcoin is attempting to confirm a higher-timeframe structure. The price recorded a yearly low of $74,400 in 2025 but fell below this level early this year to $60,000 amid persistent selling pressure. $BTC bounced from the 2026 lows, reclaimed the 2025 low, and eventually broke structure with its rally to $82,800 earlier this month.
As such, Sykodelic views last week’s dip as a retest of the BOS at $74,400. The weekly closing above it confirms a higher-timeframe bullish structure.
Last Shakeout Before Uptrend
Nonetheless, the analysis suggests Bitcoin could still produce another brief move lower this week before attempting a stronger bullish continuation in June. That possible dip may temporarily push $BTC back toward the $74,400 area or slightly beneath it.
However, the move could act as a liquidity sweep, shaking out weak hands. The market dip will trigger aggressive bearish bets, which would eventually be wiped out when $BTC quickly reverses upward as support holds.
The liquidity and bullish technical development will drive Bitcoin higher in June, potentially above $90,000. From the current price of $77,266, this represents an over 16% price growth. The prediction aligns with an XWIN Research outlook highlighting the importance of the $93,000 price level.
Meanwhile, Sykodelic concluded that the macro bottom is in, a view that several market analysts have shared. Their view is that Bitcoin bottomed at $60,000 in February.
Bitcoin Market Indicators
Notably, $BTC’s momentum indicators are also beginning to stabilize. The RSI has held near the 50 midline, maintaining its trend above the RSI-based MA. Currently at 46.15, it suggests ample room for growth before entering overbought territory.
In addition, the MACD histogram has continued to print green bars despite a recent short-lived dip, keeping bullish momentum in play. However, market participation remains low, with trading volume dropping 13% in the past 24 hours.